East West Pete Corp (EWPMF)

[Pennybuster]

Carbon Property

The Carbon property is located approximately fifty miles northeast of Calgary, Alberta, Canada. East West Petroleum's non-operated participation interests in this property range from 4.8 to 20 percent across 4 oil wells and 13 gas wells. The wells are producing from the Horseshoe Canyon, Basal Belly River, Belly River, Viking, Glauconitic, and Ellerslie Formations. EWP's net 2P reserves are 66 mboe and the property is forecast to generate approximately $15,000 - 20,000 per month of cash flow in the near-term, declining slowing over several years. No future drilling is anticipated at this time